12/13/2013
It's All About Jobs
While the European economy is stabilizing after a brutal recession, the future growth outlook remains tepid at best...1% or so for 2014, for example, in the eurozone.
There will be no sustained recovery without a decline in unemployment rates, which remain staggeringly high in some nations.
So I thought we’d look at the October 2013 jobless rate for selected countries, as put out by the European Union’s statistical arm, Eurostat, versus the 2008, pre-crisis average.
Austria 3.8% (2008)...4.8% (10/13)
France 7.8%...10.9%
Germany...7.5%...5.2%
Netherlands...3.1%...7.0%
Cyprus...3.6%...17.0%
Greece...7.7%...27.3% (8/13)
Ireland...6.3%...12.6%
Italy...6.7%...12.5%
Portugal...7.7%...15.7%
Spain...11.3%...26.7%
Eurozone...7.6%...12.1% [peak 12.2%]
United Kingdom...5.6%...7.5% (8/13)
United States...5.8%...7.0% (11/13)
And you have some of the following sickening youth unemployment rates (under 25); October 2013 unless otherwise noted.
Greece...58.0% (8/13)
Italy...41.2%
Portugal...36.5%
Spain...57.4%
Source: Eurostat
Wall Street History will return in two weeks.
Brian Trumbore
